EMIR Trade Repository Pricing

2022 Pricing

Standard EMIR pricing

Volume bands

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001
100,000 98,000
€ 0.081000 € 7,938.00
3 100,001 2,000,000 1,900,000
€ 0.048600 € 92,340.00
4 2,000,001 18,805,185 16,805,185 € 0.008100 € 136,122.00
5 18,805,186 Unlimited Unlimited € 0 € 0

Per annum licence fee and caps

Description Price UTIs included
Fixed licence fee per account € 3,600 2,000
Cap non CCP € 180,000 Unlimited
CCP fixed fee € 240,000 Unlimited

Direct reporting 

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have accessed the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard EMIR pricing.

A fixed licence fee of € 3,600 per annum will be charged per account.

Caps of € 180,000 for non CCPs and € 240,000 for CCPs per annum apply per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of € 180,000 will apply.

Retail flow

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is € 60,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged € 120,000. If actual volume is 26,000,000, there will be an additional € 3,000 (1,000,000 x 0.003) charge.

# Volume p.a. (UTIs) Retail price Price per additional UTI
1 Up to 10,000,000 € 60,000 € 0.006000
2 More than 10,000,000 and up to 15,000,000 € 90,000 € 0.006000
3 More than 15,000,000 and up to 25,000,000 € 120,000 € 0.004800
4 More than 25,000,000 and up to 50,000,000 € 150,000 € 0.003000
5 More than 50,000,000 € 180,000 cap € 0.002400

Wholesale flow

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow.

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is € 120,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged € 144,000. If actual volume is 26,000,000, there will be an additional € 5,760 (1,000,000 x 0.00576) charge.

# Volume p.a. (UTIs) Wholesale price Price per additional UTI
1 Up to 21,000,000 € 120,000 € 0.005760
2 More than 21,000,000 and up to 25,000,000 € 144,000 € 0.005760
3 More than 25,000,000 € 180,000 cap € 0.005760

Delegated reporting

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard EMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of € 6,000 per annum. Above 50,000 UTIs a year, standard EMIR pricing will apply starting from € 0.081 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of € 60,000 per annum and standard EMIR pricing will apply starting from € 0.0486 per UTI.

A cap of € 180,000 per annum applies per delegated reporting client.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of € 2,400 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their Clients in submitting reports. Technical routers will be charged € 2,400 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard EMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their Clients data to offer additional services outside of Regulatory Reporting’s remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting.

Aggregators

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated EMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of € 2,400 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

Retail flow pricing

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of €120,000 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 1,623,092
1,623,092 Included in the licence fee
2 1,623,093 2,000,000 376,908 € 0.066000 € 24,875.93
3 2,000,001 20,000,000 18,000,000 € 0.006600 € 118,800
4 20,000,001 100,000,000 80,000,000 € 0.000360 € 28,800
5 100,000,001 Unlimited
Unlimited
€ 0.000240 No cap

Wholesale flow pricing

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of € 3,600 per annum will be charged. This license fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001 300,000 298,000 € 0.088584 €  26,398.03
3 300,001 2,000,000 1,700,000 € 0.072900 € 123,930
4 2,000,001 20,000,000 18,000,000 € 0.008640 € 155,520
5 20,000,001 200,000,000 180,000,000 € 0.001440 € 259,200
6 200,000,001 Unlimited Unlimited € 0.000194 No cap

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model. No qualifying criteria, anyone can request to be classified as a service provider.

The € 630,000 annual fee consists of € 420,000 base fee, and € 210,000 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The total sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

# Lower band
Upper band UTIs per band Price per UTI Price per band
1 0 96,771,724 96,771,724 Included in the licence fee
4 96,771,725 200,000,000 103,228,276 € 0.001440 € 148,648.724
5 200,000,001 Unlimited Unlimited € 0.000194 No cap

Portability

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

Voluntary porting from other TRs to Regulatory Reporting

When a TR participant firm requires onboarding from another TR, standard EMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services (“PS) days will be charged on a time and material basis if the TR participant firms wants to transfer any other data to Regulatory Reporting.

Voluntary porting from Regulatory Reporting to other TRs

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs.

LEI changes

TR participants are able to request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on EMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A € 3,840 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further € 240 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard EMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Onboarding charges

Each new EMIR client will be charged an onboarding fee of € 810.

This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.

2023 Pricing

Standard EMIR pricing

Volume bands

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001
100,000 98,000
€ 0.08343 € 8,176.14
3 100,001 2,000,000 1,900,000
€ 0.050058 € 95,110.20
4 2,000,001 18,805,185 16,805,185 € 0.008343 € 140,205.66
5 18,805,186 Unlimited Unlimited € 0 € 0

Per annum licence fee and caps

Description Price UTIs included
Fixed licence fee per account € 3,708 2,000
Cap non CCP € 185,400 Unlimited
CCP fixed fee € 240,000 Unlimited

Direct reporting

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have accessed the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard EMIR pricing.

A fixed licence fee of € 3,708 per annum will be charged per account.

Caps of € 185,400 for non CCPs and € 240,000 for CCPs per annum apply per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of € 185,400 will apply.

Retail flow

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.
Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is € 61,800. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged € 123,600 If actual volume is 26,000,000, there will be an additional € 3,090 (1,000,000 x 0.00309) charge.

# Volume p.a. (UTIs) Retail price Price per additional UTI
1 Up to 10,000,000 € 61,800 € 0.00618
2 More than 10,000,000 and up to 15,000,000 € 92,700 € 0.00618
3 More than 15,000,000 and up to 25,000,000 € 123,600 € 0.004944
4 More than 25,000,000 and up to 50,000,000 € 154,500 € 0.00309
5 More than 50,000,000 € 185,400 cap € 0.002472

Wholesale flow

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow.

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is € 123,600. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged € 148,320 . If actual volume is 26,000,000, there will be an additional € 5,932.80 (1,000,000 x 0.0059328) charge.

# Volume p.a. (UTIs) Wholesale price Price per additional UTI
1 Up to 21,000,000 € 123,600 € 0.0059328
2 More than 21,000,000 and up to 25,000,000 € 148,320 € 0.0059328
3 More than 25,000,000 € 185,400 cap € 0.0059328

Delegated reporting

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard EMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of € 6,180 per annum. Above 50,000 UTIs a year, standard EMIR pricing will apply starting from € 0.08343 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of € 61,800 per annum and standard EMIR pricing will apply starting from € 0.050058 per UTI.

A cap of € 185,400 per annum applies per delegated reporting client.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of € 2,472 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their Clients in submitting reports. Technical routers will be charged € 2,472 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard EMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their Clients data to offer additional services outside of Regulatory Reporting’s remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting.

Aggregators

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated EMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of € 2,472 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

Retail flow pricing

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of € 123,600 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 1,623,092
1,623,092 Included in the licence fee
2 1,623,093 2,000,000 376,908 € 0.06798 € 25,622.21
3 2,000,001 20,000,000 18,000,000 € 0.006798 € 122,364.00
4 20,000,001 100,000,000 80,000,000 € 0.0003708 € 29,664.00
5 100,000,001 Unlimited
Unlimited
€ 0.0002472 No cap

Wholesale flow pricing

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of € 3,708 per annum will be charged. This license fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001 300,000 298,000 € 0.09124152 €  27,189.97
3 300,001 2,000,000 1,700,000 € 0.075087 € 127,647.90
4 2,000,001 20,000,000 18,000,000 € 0.0088992 € 160,185.60
5 20,000,001 200,000,000 180,000,000 € 0.0014832 € 266,976.00
6 200,000,001 Unlimited Unlimited € 0.00019982 No cap

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model. No qualifying criteria, anyone can request to be classified as a service provider.

The € 648,900 annual fee consists of € 432,600 base fee, and € 216,300 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The total sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

# Lower band
Upper band UTIs per band Price per UTI Price per band
1 0 96,771,724 96,771,724 Included in the licence fee
4 96,771,725 200,000,000 103,228,276 € 0.0014832 € 153,108.19
5 200,000,001 Unlimited Unlimited € 0.00019982 No cap

Portability

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

Voluntary porting from other TRs to Regulatory Reporting

When a TR participant firm requires onboarding from another TR, standard EMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services (“PS) days will be charged on a time and material basis if the TR participant firms wants to transfer any other data to Regulatory Reporting.

Voluntary porting from Regulatory Reporting to other TRs

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs.

LEI changes

TR participants are able to request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on EMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A € 3,955.20 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further € 247.20 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard EMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Onboarding charges

Each new EMIR client will be charged an onboarding fee of € 900.

This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.

2024 Pricing

Standard EMIR pricing

Volume bands

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001
100,000 98,000
€ 0.086350 € 8,462.30
3 100,001 2,000,000 1,900,000
€ 0.051810 € 98,439.00
4 2,000,001 18,805,185 16,805,185 € 0.008635 € 145,112.77
5 18,805,186 Unlimited Unlimited € 0.000000 € 0

Per annum licence fee and caps

Description Price UTIs included
Fixed licence fee per account € 3,838 2,000
Cap non CCP € 191,889 Unlimited
CCP fixed fee € 240,000 Unlimited

Direct reporting

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have accessed the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard EMIR pricing.

A fixed licence fee of €3,838 per annum will be charged per account.

Caps of €191,889 for non CCPs and €240,000 for CCPs per annum apply per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of €191,889 will apply.

Retail flow

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is €63,963. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged €127,926 If actual volume is 26,000,000, there will be an additional €3,198 (1,000,000 x 0.003198) charge.

# Volume p.a. (UTIs) Retail price Price per additional UTI
1 Up to 10,000,000 € 63,963 € 0.006396
2 More than 10,000,000 and up to 15,000,000 € 95,945 € 0.006396
3 More than 15,000,000 and up to 25,000,000 € 127,926 € 0.005117
4 More than 25,000,000 and up to 50,000,000 € 159,908 € 0.003198
5 More than 50,000,000 € 191,889 cap € 0.002559

Wholesale flow

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow.

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is €127,926. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged €153,511. If actual volume is 26,000,000, there will be an additional €6,140.00 (1,000,000 x 0.006140) charge.

# Volume p.a. (UTIs) Wholesale price Price per additional UTI
1 Up to 21,000,000 € 127,926 € 0.006140
2 More than 21,000,000 and up to 25,000,000 € 153,511 € 0.006140
3 More than 25,000,000 € 191,889 cap € 0.006140

Delegated reporting

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard EMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of €6,396 per annum. Above 50,000 UTIs a year, standard EMIR pricing will apply starting from €0.086350 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of €63,963 per annum and standard EMIR pricing will apply starting from €0.051810 per UTI.

A cap of €191,889 per annum applies per delegated reporting client.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of €2,559 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their clients in submitting reports. Technical routers will be charged €2,559 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard EMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting. 

Aggregators

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated EMIR pricing in accordance with the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of €2,559 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

Retail flow pricing

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of €127,926 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 1,623,092
1,623,092 Included in the licence fee
2 1,623,093 2,000,000 376,908 € 0.070359 € 26,519
3 2,000,001 20,000,000 18,000,000 € 0.007036 € 126,647
4 20,000,001 100,000,000 80,000,000 € 0.000384 € 30,702
5 100,000,001 Unlimited
Unlimited
€ 0.000256 No cap

Wholesale flow pricing

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of €3,838 per annum will be charged. This license fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001 300,000 298,000 € 0.094435 € 28,142.00
3 300,001 2,000,000 1,700,000 € 0.077715 € 132,116.00
4 2,000,001 20,000,000 18,000,000 € 0.009211 € 165,792.00
5 20,000,001 200,000,000 180,000,000 € 0.001535 € 276,320.00
6 200,000,001 Unlimited Unlimited € 0.000207 No cap

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model.  No qualifying criteria, anyone can request to be classified as a service provider. 

The €671,612 annual fee consists of €447,741 base fee, and €223,871 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

# Lower band
Upper band UTIs per band Price per UTI Price per band
1 0 96,771,724 96,771,724 Included in the licence fee
4 96,771,725 200,000,000 103,228,276 € 0.001535 € 158,467.00
5 200,000,001 Unlimited Unlimited € 0.000207 No cap

Portability

TR participants can seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

Voluntary porting from other TRs to Regulatory Reporting

When a TR participant firm requires onboarding from another TR, standard EMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services (“PS) days will be charged on a time and material basis if the TR participant firms wants to transfer any other data to Regulatory Reporting.

Voluntary porting from Regulatory Reporting to other TRs

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs.

LEI changes

TR participants can request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on EMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A €4,094 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further €256 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard EMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Onboarding charges

Each new EMIR client will be charged an onboarding fee equivalent to half a day’s Professional Services rate.

This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.